What is Penalty Mitigation?
Penalty Mitigation A formal process by which importers or exporters seek reduction or cancellation of penalties assessed by customs for regulatory violations, substantiated by evidence of due diligence or corrective actions, as per customs enforcement protocols.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Penalty Mitigation” Used in Practice?
The importer submitted documentation demonstrating compliance efforts, which led to penalty mitigation during the customs administrative review process.
Certification Exam Relevance
Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
Learn “Penalty Mitigation” Free with Termify
Master Penalty Mitigation and 4,071+ professional terms with native pronunciation, IPA transcriptions and career quizzes. 100% free, forever.
Download Free for iOSFrequently Asked Questions
What is Penalty Mitigation?
A formal process by which importers or exporters seek reduction or cancellation of penalties assessed by customs for regulatory violations, substantiated by evidence of due diligence or corrective actions, as per customs enforcement protocols.
Where can I learn this term for free?
Termify is a 100% free professional English app that teaches Penalty Mitigation and 4,071+ other industry terms with native pronunciation, IPA transcriptions and career quizzes. Available on iOS in 23 languages. No subscription, no credit card required.
Last updated: